Decentralized advice

Timothy Feddersen and Ronen Gradwohl

European Journal of Political Economy, 2020, vol. 63, issue C

Abstract: We compare the amount of information credibly transmitted by cheap talk when information is centralized to one sender and when it is decentralized, with each of several senders holding a distinct but interdependent piece. Under centralization, full information transmission is typically impossible. Under decentralization, however, the number of receivers is decisive: decentralized communication with one receiver is completely uninformative, but decentralized communication with multiple receivers can be fully informative. We analyze the extent of such fully-informative communication, and apply our results to the issue of transparency in advisory committees.

Keywords: Transparency; Cheap talk; Advice (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:poleco:v:63:y:2020:i:c:s0176268020300197

DOI: 10.1016/j.ejpoleco.2020.101871

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